Rajandran R Creator of OpenAlgo - OpenSource Algo Trading framework for Indian Traders. Telecom Engineer turned Full-time Derivative Trader. Mostly Trading Nifty, Banknifty, High Liquid Stock Derivatives. Trading the Markets Since 2006 onwards. Using Market Profile and Orderflow for more than a decade. Designed and published 100+ open source trading systems on various trading tools. Strongly believe that market understanding and robust trading frameworks are the key to the trading success. Building Algo Platforms, Writing about Markets, Trading System Design, Market Sentiment, Trading Softwares & Trading Nuances since 2007 onwards. Author of Marketcalls.in

Nifty Futures – Short-Term Overview – Feb 2024 Futures

46 sec read

Nifty Futures is a short term is likely to test the G2 High reference level around 22200. Short Term Supports are formed around the 21750 and 21890 levels. For this week the expectation on the higher side is likely to be 22200 and 22250 levels testing the previous ATH levels.

Nifty Futures Market Profile Charts

Range and ATR Charts

The overall volatility in the market remains elevated since Dec 2023 onwards as a rise in 10-day ATR is witnessed.

India VIX Charts

As we are nearing RBI Policy announcement on 8th Feb 2024 the IndiaVIX index remains elevated and most likely nearing the volatility crush nearing or post the RBI event.

The current Interest rate stands at 6.5%. It is anticipated that RBI is likely to maintain the status quo and the consensus estimates and forecast are vouching the same.

Global Macro

The S&P 500 showed minimal movement, indicating a very flat market despite a mix of negative and positive news. Negative news came from additional FOMC members echoing the Fed Chairman’s remarks about inflation not being contained and it is too early for interest rate cuts. On the positive side, the London Stock Exchange Group increased S&P 500 earnings expectations for the third time in 36 days, citing over 80% of companies exceeding analysts’ expectations, which is seen as a strong fundamental positive.

Rajandran R Creator of OpenAlgo - OpenSource Algo Trading framework for Indian Traders. Telecom Engineer turned Full-time Derivative Trader. Mostly Trading Nifty, Banknifty, High Liquid Stock Derivatives. Trading the Markets Since 2006 onwards. Using Market Profile and Orderflow for more than a decade. Designed and published 100+ open source trading systems on various trading tools. Strongly believe that market understanding and robust trading frameworks are the key to the trading success. Building Algo Platforms, Writing about Markets, Trading System Design, Market Sentiment, Trading Softwares & Trading Nuances since 2007 onwards. Author of Marketcalls.in

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